Envestnet Asset Management Inc. Boosts Stake in Garmin Ltd. (NYSE:GRMN)

Envestnet Asset Management Inc. lifted its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 23.7% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 320,865 shares of the scientific and technical instruments company's stock after buying an additional 61,525 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.17% of Garmin worth $69,669,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Principal Street Partners LLC lifted its stake in Garmin by 1.8% in the 4th quarter. Principal Street Partners LLC now owns 3,201 shares of the scientific and technical instruments company's stock worth $660,000 after purchasing an additional 58 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in Garmin by 2.7% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company's stock worth $489,000 after purchasing an additional 59 shares in the last quarter. OneAscent Financial Services LLC lifted its stake in Garmin by 3.7% in the 4th quarter. OneAscent Financial Services LLC now owns 1,753 shares of the scientific and technical instruments company's stock worth $361,000 after purchasing an additional 63 shares in the last quarter. Moody National Bank Trust Division lifted its stake in Garmin by 2.4% in the 1st quarter. Moody National Bank Trust Division now owns 3,015 shares of the scientific and technical instruments company's stock worth $655,000 after purchasing an additional 72 shares in the last quarter. Finally, FSM Wealth Advisors LLC lifted its stake in Garmin by 5.1% in the 1st quarter. FSM Wealth Advisors LLC now owns 1,497 shares of the scientific and technical instruments company's stock worth $325,000 after purchasing an additional 72 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Insider Buying and Selling

In related news, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the completion of the sale, the chief executive officer owned 141,626 shares of the company's stock, valued at $28,785,484.50. This represents a 5.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the sale, the chief financial officer directly owned 29,146 shares of the company's stock, valued at $6,266,390. The trade was a 6.00% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 15.38% of the company's stock.

Garmin Price Performance

Shares of NYSE GRMN traded down $2.05 during mid-day trading on Friday, hitting $215.75. 652,142 shares of the company's stock traded hands, compared to its average volume of 908,400. The company has a market capitalization of $41.54 billion, a P/E ratio of 28.39, a PEG ratio of 2.44 and a beta of 0.97. Garmin Ltd. has a 1 year low of $160.71 and a 1 year high of $246.50. The company's 50-day moving average is $204.04 and its two-hundred day moving average is $207.19.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.01). The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.50 billion. Garmin had a net margin of 22.76% and a return on equity of 19.21%. The business's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.42 earnings per share. Equities analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Monday, June 16th were given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.67%. Garmin's payout ratio is 47.37%.

Wall Street Analysts Forecast Growth

Several analysts have commented on GRMN shares. JPMorgan Chase & Co. decreased their price target on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Morgan Stanley upped their target price on shares of Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research report on Thursday, May 1st. Finally, Barclays decreased their target price on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $206.00.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.